Hedge funds almost halved their year-to-date losses in April, Hedge Fund Research reports.

The firm’s HFRI Fund Weighted Composite Index rose 1.64% last month, leaving it down 1.78% on the year. Funds of hedge funds did rather less well, adding 0.86%, leaving them down 3.3% in 2008.

All but four of HFR’s 23 strategy, regional and subindices were in positive ground last month. Emerging markets did best, returning 3.54% in April, though it remains down 3.85% year-to-date. Equity hedge funds also had a strong April, rising 3.08%. Those funds are down an average of 2.97%.

Relative value funds added 1.24% last month (down 2.06% YTD), while event-driven funds rose 1.1% (down 2.32% YTD). Of the major strategy indices, only macro funds posted a losing April, dropping 0.55%, though it is the only major strategy index in positive ground in 2008 at 3.53%.

The Asia ex-Japan and Latin America indices were the strongest subindinces in April, rising 5.49% (down 6.92% YTD) and 5.08% (up 3.08% YTD). LatAm funds are the only emerging markets funds in positive ground this year.

Other strong performances were turned in by technology/healthcare funds (4.06% in April, down 2.8% YTD) and relative value yield alternatives funds (3.03%, down 1.2% YTD).